According to the Restatement (Second)of Contracts: "A Contract Is a Promise

question 55

True/False

According to the Restatement (Second)of Contracts: "A contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."

---

Definitions:

Partnership

A legal and business arrangement between two or more individuals who share management and profits or losses of the business endeavor.

Regulatory Controls

Rules and regulations established by government or regulatory bodies to control the way businesses operate, ensuring safety, fairness, and compliance.